Post Office Monthly Income Scheme: Earn Rs 3.4 lakh in 5 years or Rs 5700 per month! Do this

Post Office Monthly Income Scheme Account details explained. Representational image/Pixabay

Post Office Monthly Income Scheme (POMIS) Account: You can ensure a monthly in-hand cash flow of Rs 5700 for five years by opening a joint Post Office Monthly Income Scheme (MIS) account and depositing Rs 9,00,000. Two or three adults can open a joint MIS account, which has the maximum investment limit of Rs 9 lakh. According to official Post Office website, all joint account holders should have an equal share in each joint account. There is no limit on the number of single or join MIS accounts that can be opened in the post office. However, the sum of total deposits in these accounts shouldn’t exceed the maximum limit, which is Rs 9 lakh in case of joint account and Rs 4.5 lakh in case of the single account. The MIS account matures in five years.

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Post Office Monthly Income Scheme Calculation, interest rate: Joint MIS account

Currently, the interest rate being offered on MIS account is 7.6 per cent per annum payable monthly. At this rate, an investment of Rs 9 lakh in a joint MIS account can return a total of Rs 342000 (Rs 5700 per month) as interest amount in five years.

Post Office Monthly Income Scheme Calculation, interest rate: Single MIS account

The deposit limit on single MIS account is Rs 4.5 lakh. In five years, this account can return a total interest amount of Rs 1,71,000 in five years or Rs 2850 per month.

The MIS account can also be opened in the name of a minor. A minor of 10 years and above age can open and operate the account. The minor should apply for conversion of the account in his/her name after attaining majority. The interest on MIS deposit can be drawn through auto credit into savings account standing at same post office.